A Charlottesville/Albemarle Area RE Blog tracking the market's Boom Bubble Bust Bounce, from 2008 to 2013. The second half of 2010 saw a steep downward spiral in sales; 2011 saw sales volume at 13 yr lo with prices dropping each Quarter. 2012 began with even lower prices which resulted in an uptick in Y/Y sales, and mid-2012 saw "Carpe Diem" trumping "Caveat Emptor." 2013: Booming. Are we a "Protected Market" once again? Time will tell.
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Saturday, October 4, 2008

Blast From the Recent Past: NAR Wants You to Know "You're Making a Good Move"

It's not that we don't like Realtors. It's that we don't like their Association's ads.

This National Association of Realtors ad made its appearance well into the decline. It tells us that 60% of owners' wealth comes from the equity in their houses.

In very fine print, you can read that this info is courtesy of HUDand from1995. There's a tiny disclaimer: "Markets may vary." It just makes you throw up a little bit in your mouth.

CalculatedRISK warned last Monday about the growing numbers of homes with negative equity, based on US Census Bureau info and the Core Logic Foundation report. CR estimates that by the END OF 2008, 15.4 Million homeowners will have negative equity.

"Every market is different," the ad says. Yes. That's one way to spin it. It's along the same lines as believing Charlottesville's RE market isn't affected by anything beyond the County line.

Va. Housing Development Authority market data for the local Realtors Assn. indicates rising foreclosures, declining prices, then "correction" at least 12 months away.Comparisons: See Current Median Home Prices in Cville, Alb, other parts of VA, and 20 other markets.

Home prices likely lower in 2011, in 85% of the United States' 381 metropolitan areas - PMI Group. Includes graphs.VP Biden - We "Misread the Economy" - VideoThe number of foreclosures keeps rising because mortgageholders can't afford the modifications. Read the data.

Halsey Minor, King of The Tyvek Tower, is being sued not just by contractors, but by the funding bank. TheLandmark Mess continues. City claims it will not bail out the blight on the landscape and a real contrast to the $7.5 million in bricks at the base of the steel girders.